Moran Wealth Management LLC Acquires Shares of 48,660 Avnet, Inc. (NASDAQ:AVT)

Moran Wealth Management LLC bought a new position in shares of Avnet, Inc. (NASDAQ:AVT) during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 48,660 shares of the company’s stock, valued at approximately $2,546,000. Moran Wealth Management LLC owned 0.06% of Avnet as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Greenhaven Associates Inc. boosted its holdings in Avnet by 1.0% during the 4th quarter. Greenhaven Associates Inc. now owns 3,962,837 shares of the company’s stock worth $207,336,000 after acquiring an additional 38,185 shares during the last quarter. Pacer Advisors Inc. boosted its holdings in Avnet by 11,848.6% during the fourth quarter. Pacer Advisors Inc. now owns 2,840,663 shares of the company’s stock worth $148,623,000 after purchasing an additional 2,816,889 shares during the last quarter. Bank of New York Mellon Corp grew its position in Avnet by 4.1% in the 4th quarter. Bank of New York Mellon Corp now owns 1,116,697 shares of the company’s stock worth $58,426,000 after purchasing an additional 43,547 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its position in shares of Avnet by 0.6% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 921,854 shares of the company’s stock worth $48,231,000 after buying an additional 5,209 shares in the last quarter. Finally, Allianz Asset Management GmbH increased its position in shares of Avnet by 2.3% during the fourth quarter. Allianz Asset Management GmbH now owns 873,340 shares of the company’s stock valued at $45,693,000 after acquiring an additional 19,331 shares during the last quarter. Institutional investors own 95.78% of the company’s stock.

Analyst Ratings Changes

AVT has been the topic of a number of recent analyst reports. Truist Financial lowered their target price on Avnet from $54.00 to $52.00 and set a “hold” rating on the stock in a research note on Thursday, January 30th. Bank of America lowered shares of Avnet from a “neutral” rating to an “underperform” rating and lowered their price objective for the stock from $58.00 to $48.00 in a research report on Thursday, January 30th.

Avnet Stock Down 3.2 %

AVT opened at $47.98 on Wednesday. Avnet, Inc. has a 12 month low of $45.50 and a 12 month high of $59.24. The company has a market cap of $4.15 billion, a PE ratio of 13.59, a price-to-earnings-growth ratio of 1.13 and a beta of 1.09. The company has a current ratio of 2.39, a quick ratio of 1.15 and a debt-to-equity ratio of 0.53. The company has a 50 day moving average of $51.46 and a 200 day moving average of $52.95.

Avnet (NASDAQ:AVT) last posted its quarterly earnings results on Wednesday, January 29th. The company reported $0.87 EPS for the quarter, missing analysts’ consensus estimates of $0.88 by ($0.01). Avnet had a return on equity of 7.49% and a net margin of 1.41%. On average, sell-side analysts expect that Avnet, Inc. will post 3.41 EPS for the current year.

Avnet Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, March 19th. Stockholders of record on Wednesday, March 5th will be given a dividend of $0.33 per share. The ex-dividend date is Wednesday, March 5th. This represents a $1.32 dividend on an annualized basis and a dividend yield of 2.75%. Avnet’s dividend payout ratio (DPR) is currently 37.39%.

About Avnet

Avnet, Inc, distributes electronic component technology. The company operates through two segments, Electronic Components and Farnell. The Electronic Components segment markets, sells, and distributes semiconductors; interconnect, passive, and electromechanical components; and other integrated components from electronic component manufacturers.